A man invests Rs. 2000 at 5% compound interest. At the end of 3 years he will get a total amount of:
1. Rs. 2305
2. Rs. 2316.25
3. Rs. 2315.25
4. Rs. 2205
1. Rs. 2305
2. Rs. 2316.25
3. Rs. 2315.25
4. Rs. 2205
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Correct Answer – Option 3 : Rs. 2315.25
Given:
Principal = Rs. 2000
Rate of interest = 5%
Time = 3 years
Formula used:
Amount = Principal{1 + (rate/100)}time
Calculation:
Amount = Principal{1 + (rate/100)}time
⇒ 2000{1 + (5/100)}3
⇒ 2000(21/20)3
⇒ 2000 × (9261/8000)
⇒ 9261/4
⇒ 2315.25
∴ The amount will get after 3 years is Rs. 2315.25.